Germany: RWE and Apollo Global Management have agreed to form a joint venture to support the financing of RWE’s 25.1 % stake in German transmission system operator (TSO) Amprion.
Apollo will contribute $3.7 B (€3.2 B) in equity, which both partners will invest in Amprion over time. The arrangement will secure long-term funding for critical grid expansion projects, essential for Germany’s energy transition.
Amprion, one of Germany’s four TSOs, operates the grid across seven federal states, supplying electricity to about 29 million people. Its planned expansion over the next decade is key to ensuring secure, reliable, and efficient energy infrastructure.
Under the agreement, Apollo will take an equity stake in a new joint venture holding RWE’s Amprion shares. While Apollo provides the funding, RWE will retain operational control of the JV and continue to manage its stake. Dividends from Amprion will be shared between the two partners.
RWE stated that the deal aligns with its strategy to focus on renewables, batteries, and flexible generation, while ensuring sufficient equity is available to finance grid growth. Apollo brings long-term investment expertise and will act as a stable partner.
The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals.
Source: RWE
